Fidelity taps former Treasury official for bond job

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BOSTON, April 21 (Reuters) - Fidelity Investments said on Wednesday it hired former top U.S. Treasury official Karthik Ramanathan to a new position in its bond group.

Ramanathan, who oversaw the issuance of more than $8 trillion in U.S. debt as Director of the Office of Debt Management, will become senior vice president and director of Bonds when he joins Fidelity on June 1.

The Boston-based mutual fund company, which invests $1.5 trillion, said it hired Ramanathan to help strengthen the connection between its bond management strategies and its clients’ needs.

The company has been eager to expand its institutional fixed-income business through its Pyramis Global Advisors unit.

At Treasury, Ramanathan traveled widely to keep investors up to date on the government’s borrowing needs. At Fidelity he will do the same by serving as the company’s “external voice” to detail investment capabilities to existing and potential clients, the company said in a statement.

Before joining Treasury, Ramanathan worked at Goldman Sachs Group Inc (GS.N). He had been looking for a position in the private sector for some time.

Last year, Fidelity hired another former Treasury official, Anthony Ryan, who had been the acting Under Secretary for Domestic Finance and is now is now the company’s chief administrative officer. (Reporting by Svea Herbst-Bayliss; editing by Andre Grenon)